Looking to hire a full-stack engineer to work with us on UNO and ORO!
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Come build real crypto at scale with us. We're fully remote, can do contract to start if that's the best fit.
Looking to hire a great full-stack engineer.
Anyone I know on here looking for a new role?
We’re building UNO, the #1 wallet on World Chain with 1.6M MAU and powering over 400,000 swaps per day.
Come build real crypto at scale with us.
I obviously do believe that content CAN be valuable. In aggregate, it’s definitely net positive. Would be foolish to make the case that none of it has value at all. People like seeing what other people say and make.
But I do think that MOST content posted onto feeds has ~0 fundamental value as something worth owning. Much content has indirect value in the sense that it is temporarily worth some finite amount of attention, which drops drastically over time. That attention value needs to be captured by someone who can turn it into more permanent value of another form.
Beyond that, when content / art IS worth owning (very small % of it), the format matters a lot. The format is *what it is*.
In the example often cited, a painting…you might want to own a nice painting, so you can hang it and look at it and enjoy it. But, what if you got something very different? Would you want to buy a receipt that says you own 0.1% of the painting, but is not visual and you cannot hang it or look at it? As an investor, maybe so, but that’s not the case being made for these coins. The case being made is that they have fundamental value.
Choosing coins as the medium for this stuff makes a real trade off in this sense, and that’s not really being mentioned at all. Coins make the content / art / media LESS like content, and MORE like a financial instrument, lessening its fundamental value. The upsides of that tradeoff are several: it has the potential to go exponential in price, have an efficient market, have no minimum purchase amount, etc. But an additional downside is that it opens up a PVP and often highly volatile and destructive gambling venue.
Ok so what’s the summary?
- Majority of content does not have fundamental value (to the general populace)
- When it does, owning a coin of it is not a great way to embody that fundamental value
- The main benefit of owning it is actually the potential upside, which is more like gambling
To me, the rhetoric I see here is still very much a motte and bailey. The Motte: You should trade these coins, they’re valuable. The Bailey: wait, so you think no content has value?
I do think you / we are responsible for what we create. Creating things in the world that are primarily vacuous and yet each serve as a new conduit for PVP gambling while you take a rake on the trading volume, is bad. If you do this, you *should* strongly believe that most of the time, people are trading something valuable. That if they are left with just the coin with 0 liquidity, they oftentimes will be content. But I think it’s really just wrong to make that case here, or at least really refusing to do deep thinking about it.
I can say “stocks of companies are valuable” and be right, but if I then create thousands of pink sheet penny stocks for extremely dubious businesses and encourage all of you to go trade them, while also calling it positive sum because “stocks have value,” I legitimately find that shady.
I think I understand the contours of this kind of product better than almost anyone, I’m not a hater who craps on new tech all the time. I’ve even created quite a few coin products myself. But I want to see some more serious thinking or ownership of these tradeoffs vs this flowery vibe that ignores the specifics that comprise the entire thing.
Another problem I have with a social network where every post is a coin: it comes at the cost of authenticity.
When every interaction / post is wrapped in speculation, it’s impossible to participate or even observe any of it with trust in people’s intentions.
It’s like the small talk at a poker table. Even when it’s fun / chill, every comment or question, even if kind, may be part of a larger strategy to affect the game and take your money.
Puts you on defense / removes an element of trust from the dialogue. There’s a time and place for that obviously but I don’t see it as a positive default for a social network, unless it’s a social network that is for gamblers.
on-chain SVG becoming rarer and rarer asset class by the day. kind of good that it faded out of trend, because now the 2021-22 vintage of items that pushed the envelope are pretty few and far between.
The farcaster NFT bidding implementation feels literally 100X better and more natural than coining something as an ERC20.
Annoying thing to say but “the medium is the message” and in this case it’s a way better message, to everyone.
I really do believe you take moral damage to your soul every time you put out a new coin, with a high bar for exceptions.
Unless it's something that:
a) Has long-term, unique meaning to you that comes from the heart
b) Can only be done via the token medium (and the side effects of the medium are inevitable)
Personally creating a new conduit for other people to PVP gamble against each other, while simultaneously taking a rake on the volume, without the exceptions above, is morally vacuous behavior. The more frequent, the worse.
I'm finding the "positive sum" language around coins really misleading.
It's literally the opposite. If the way users make money from their content is when other users buy it, it's literally zero sum, financially. Not everyone can be making money, unless external capital is being injected from a another source (which is losing money).
